[USER]

Hi Team, I have a dilemma – I am working on achieving FIRE in 15 years but I really want to spend time with my family and want to reduce my work days (and therefore my salary reduces).

Has anyone achieved FI while working on lesser salary than previously and not being too frugal?

For reference, I have 100k invested and am on a $130k annual salary.

[Russell]

The main question is expenses.
Assuming salary is pretax and taking as accurate your assessment of 75% of that being expenses with half of your expenses being mortgage with only 10 years left to pay off and a 15 year goal…

I cut your retirement expenses in half since your house will be paid off. Estimate $35k in retirement expenses.

IF you think that’s a valid estimate, then you need $875k minimum to FIRE. Starting with $100k, you need to invest $1000 a month to get there.

If you can do that while downsizing your work, then it’s possible. I’m estimating you currently invest about $1900 a month, so some room to scale back but not a ton.

[Scott]

So, you need approximately 1.8m at your current spend. You have a goal of hitting it in 15 years to be financially independent, you’ve only saved 100k, and you don’t like working, I don’t have any good news for you.

Choose your hard.

[Author]

Posts